Additional business to be considered at Creditors Meeting

A meeting has been convened of creditors of Glitnir hf., Reg. No. 550500-3530, of Sóltún 26, Reykjavík, Iceland on Tuesday, 31 January 2012, at 10:00 am at Grand Hótel Reykjavík, Sigtúni 38, Reykjavík. This meeting of creditors was convened at the preceding meeting of creditors of Glitnir hf. held on 31 August 2011.

In addition to the ordinary business of the meeting to be held on 31 January 2012, the meeting of creditors will consider a proposal for payment of a distribution to priority creditors in the winding-up proceedings of Glitnir hf. A letter giving information about the proposal is being mailed to all creditors. Further information about the proposed distribution has been posted on the restricted creditors’ area of Glitnir's website www.glitnirbank.com.

Should no objections be raised to the proposed distribution to priority creditors by the close of the above-mentioned meeting on 31 January 2012, the priority creditors may expect payment to be made in accordance with this proposal by 29 February 2012. The payments will constitute final payment to the creditors concerned, whether payment is made to the creditor in question directly or to escrow accounts.

According to the second paragraph of Art. 128 of the Icelandic Act on Bankruptcy etc., No. 21/1991, a creditor loses the right to present objections to the proposed distribution if the creditor does not submit such objections at the latest by the close of the above-mentioned meeting. Should no objections be made to this proposal by that time, the proposed distribution will be considered to be finally approved.

All creditors holding claims against Glitnir hf. are entitled to attend the meeting. Further information is available on Glitnir's website www.glitnirbank.com.

For the Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, Supreme Court attorney
Páll Eiríksson, District Court attorney